Visit crypto market recorded significant gains on 24 hours with several altcoins progressing from more than 10%. Bitcoin (BTC) is back above the 35,000.
Crypto-currency prices soared on Wednesday afternoon, finally reaching a high point overnight on Thursday, before retreating slightly.
The big winners over 24 hours were AAVE, UNI, MANA and SOL, which rose by 16, 14, 13 and 12% respectively. The price of the Solana project token has risen sharply over the past 30 days (+77%) and recently returned to its FTX pre-bankruptcy level.
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With a smaller capitalization, TIA, the token of the newly launched Celestia modular network, leads the way with a rise of over 25%.
The market’s leading crypto seemed to follow the bullish momentum on altcoins more belatedly. The price of Bitcoin (BTC) approached $36,000 overnight before retreating to around $35,300, gaining 2.5% over 24 hours. Runner-up Ethereum (ETH) saw its price rise by 2% over the period, once again underperforming the majority of other assets.
The total capitalization of the crypto market currently stands at $1270 billion, its highest level since June 2022. The Crypto Fear & Greed Indexwhich analyzes trader sentiment, indicates “greed” with a score of 72, compared with 50 (neutral) last month.
While liquidity remains thin, the rally is said to be partly fuelled by recent announcements from the Fed, which on Wednesday indicated that it would proceed with an interest rate cut in the bond market. Yesterday, traditional stock markets, such as the S&P 500, followed suit.
The hope of seeing a spot ETF on BTC approved soon, the upcoming Bitcoin halving or even the war in Israel, which would push investors to turn to other asset classes, would also boost digital asset prices.
It’s difficult to attribute a single narrative to the recent rally. It’s possible that the price movements stem from a combination of market positioning, spot buying and an overall positive macroeconomic landscape for Bitcoin, which includes a spot Bitcoin ETF on the horizon,” commented Juthica Mallela, Head of Trading at Kraken, recently.
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